JAKARTA - The price of gasoline in the United States now averages US$3.70 per gallon on Sunday. According to the American Automobile Association (AAA) quoted by Emirates 24/7, the figure is up about 24 percent since the war broke out on February 28. This increase is the highest since around May 2024.
The increase shows that the war in the Middle East does not stop at the battlefield. The impact goes straight to the gas pump.
The main problem is with oil supplies. Disruption of exports through the Strait of Hormuz has shaken the energy market. When oil flows are disrupted, crude oil prices rise. After that, gasoline prices are also pushed. Reuters noted, as quoted by Emirates24/7, Tuesday, March 17, this spike in oil and fuel prices has begun to put pressure on US consumers, even becoming a political risk for President Donald Trump ahead of the November midterm elections.
"Geopolitical shocks are quickly felt in the wallet," William Stern, CEO of Cardiff, told Reuters. The point is very simple. At a time when oil prices are soaring, residents immediately feel it when filling up.
This pressure is expected to not be over. The United States is entering a period of mixed use of summer gasoline which is indeed more expensive. At the same time, the security situation on the oil shipping route has not really recovered. That's why the market is still restless.
The International Energy Agency (IEA) has indeed prepared the release of more than 400 million barrels from emergency reserves. However, until now, oil prices have not really fallen because the market is still waiting for how fast the plan will run and how much it will affect global supply.
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